$ZARJPY is moving hard: -2.06% on the day, now at 9.479.
Day range: 9.479 – 9.518.
Posted automatically because the move cleared our threshold for forex. What's your read?
It's likely still just general EM weakness and the rand's ongoing issues. Nothing particularly new or specific to ZARJPY today that I can see.
It's likely due to the broader USD strength pushing JPY lower against most pairs, coupled with some lingering concerns about the SA economic outlook following the recent election.
Could be related to the recent dovish comments from the SARB, softening the rate hike expectations. Also seeing some general JPY strength across the board today.